The Jordanian Dinar is the official currency of Jordan, and is pegged to the United States Dollar at 0.709 JOD = 1 USD. After Israel took control of the West Bank in 1967, the Jordanian Dinar remained in circulation along with Israeli currency. During hyperinflation periods in Israel in 1970 and 1980, the Jordanian Dinar provided stability.
Economy
Jordan is a small country with limited natural resources. The country is exploring ways to expand its limited water supply and using existing water resources more efficiently, including through regional cooperation with Israel.
The country depends on external sources for most of its energy needs. During the 1990s, its crude petroleum needs were met through imports from Iraq and neighboring countries.
Since early 2003, oil has been imported from some countries of the Gulf Cooperation Council.
In 2003 the Arab Gas Pipeline from Egypt to the southern port city of Aqaba was completed. The Jordanian government plans to extend this pipeline north to the Amman area and beyond.
History
Jordan used the Palestinian Pound as its currency until 1949, when the Jordanian Dinar was introduced at par with the Pound.
In 1949, coins were introduced in denominations of 1, 5, 10, 20, 50, and 100 fils. The first issue of 1 fils was mistakenly minted with the denomination of 1 fil.
20 fils coins were minted until 1965, 25 fils coins were introduced in 1968, and ¼ dinar coins in 1970. The 1 fils coin was last minted in 1985.
Until 1992, coins were named in Arabic as fils, qirsh, dirham, and dinar. In English only the fils and Dinar names were used.
Since 1992, the fils and dirham names are no longer used in Arabic; English names are given in Dinar and either qirsh or piastres.
In 1996, smaller ¼ dinar coins were introduced, as well as ½ and 1 dinar coins.
